Palm Beach Money

Tag: Obamacare

Three just got’em today reports show that times sure are a changin’ when it comes to the number of millionaires roaming around and the status of Medicare and Social Security.

Let’s start with the good, but not so current, news about millionaires.

It was The Tax Reform Act of 1976 that required the IRS to begin publishing the number of individual tax returns with incomes over $200,000. Mind you, 200,000 dollars was a lot of hay back then but doesn’t have the cache in once did. Even so, over the past nearly 40 years it’s still the threshold used.

In case you’ve forgotten, which is really easy to do since the kerfuffle about the Affordable Care Act became law in March 2010 hasn’t stopped; thousands if not millions of people have enjoyed the benefits of this health care program for the past two-plus years.

Like it or not, this Act is a law and since in effect has served– and cost– all of us money to some degree or another. Given that the bottom line of its total costs are about as easy to find as say the real amount of JPMorgan’s recent trading losses initially reported as $2 billion [More]